Friday, April 11, 2014

April 2014 Santa Cruz Market Update



April 2014 Santa Cruz Market Update
The median list price in Santa Cruz this week is $795,000. The 137 properties have been on the market for an average of 103 days. Demand measured by the Market Action Index is increasing and days-on-market is trending downward. Even as more properties come available, these are positive trends for the market. The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we're in the Seller's zone. Watch for changes in the MAI. If the MAI resumes it's climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices. 





































Characteristics per quartile




Median Price
Prices appear to be hovering around their high point. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these.
 



Quartile Prices
Prices have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action index before prices move from these current levels.



Price per Square Foot
The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.




Inventory of Properties Listed for Sale
Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.



Market Action Index
The SANTA CRUZ market is currently in the Seller's Advantage zone (greater than 30). The 90-day Market Action Index stands at 30.78 which indicates that demand is strong and available supply of homes gets snapped up relatively quickly.





Market Action Index per Quartile
Not surprisingly, all segments in the market are showing high levels of demand. Watch the quartiles for changes before the whole market changes. Often one end of the market (e.g. the high-end) will weaken before the rest of the market and signal a slowdown for the whole group.



Days on Market
The properties have been on the market for an average of 103 days. Half of the listings have come newly on the market in the past 49 or so days.




Days on Market per Quartile
It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.




This Month's Video
http://kellerwilliams.vzaar.me/1128635


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Frank Murphy
831-457-5550
1414 Soquel Avenue
Santa Cruz, California 95062
BRE License #01014048
Frank@FrankMurphy.net
www.LiveInSantaCruz.com





Contact me, your local real estate expert, for information about what's going on in our area.
Frank Murphy
Keller Williams Realty
831-457-5550
BRE License #01014048





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